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dave camp introduces his tax reform proposal. obama ist, president in minneapolis to discuss transportation infrastructure funding. later, a hearing on new irs rules regarding tax-exempt status for nonprofit organizations. >> house ways and means committee chairman dave camp announced a new tax reform proposal today. chairman cap is calling for ending deductions for state and local taxes. this briefing is when he minutes. >> hello and good afternoon. there have been so many changes to the tax code over the last day,e, more than one every that it is now 10 times the size of the bible with none of the good news. i know that seems like an old joke now. you may have heard it several times. when i travel around michigan or anywhere around the country, it still gets a pretty good laugh. as i listen to hard-working taxpayers talk about how we need to simplify and six our broken outdated tax code. what isn't funny is the impact washington's constant tinkering with the tax code has had on our economy and our families. we don't have to look long before we see but the current tax code h
, if this passes we will not give them any tax benefits in the future. they will not be able to expand. here was a company, volkswagen, that do not care. they do not take a side. volkswagen in germany is fully unionize. they pay their workers well. quite frankly, they make a pretty good product. here they come to america and it was not a company that defeated the union. they were fine with the union. it was outside forces. that is what is dismaying. it is something new that has not really happened before. the uaw has taught a complaint with the relations board. we have a full board for the first time there in a long time. i do not know what the outcome will be. i know they have filed an appeal. >> that says, how do you think labor should fight against these forces if it hopes to remain relevant? >> i do not know what the nlrb is going to find. it seems to me the people that voted no, i'm wondering if they're having second thoughts because they may have taken to heart, and made by public officials that simply were not true. maybe there needs to be a re-vote on this. >> not to ignore the last
wants to spend additional money on roads and bridges and end a number of corporate tax breaks. we will have live coverage at 11:30 a.m. eastern on c-span. >> c-span 2 provided key coverage and booktv. the only television network devoted to non-fiction books and authors. >> sweeds have been accused of trying to hide the accounts of 22 united states citizens. carl levin is calling on the justice department to hand over the names of those who used the bank at a -- to alem ledgedly avoid paying taxes. >> good morning. the meeting will come to order. the american public is angry about offshore tax abuse and efforts by americans to evade their tax obligations by hiding money offshore. today's hearing follows up on a meeting this subcommittee held in 2008 when we presented evidence that well-known banks were deliberately helping united states clients cheat on their taxes by opening offshore counts never reported to the irs despite united states law requiring their disclosure. the hearing focused in part on ubs, the largest bank in switzerland that had 52, 000 customers and $18 million in
said today he regrets the financial institutio institutioe u.s. clients avoid paying taxes. that was part of a hearing today on offshore banking. it's next on c-span2. >>> ahead of the federal reserve will testify on capitol hill tomorrow morning the senate subcommittee investigation accused the swiss bank of trying to hide the accounts of 22,000 u.s. citizens so they could avoid paying taxes. the panel headed by carl levin is called from the justice department to force the bank to hand over the names of u.s. citizen good morning everybody. the permanent subcommittee on investigations will come to order. the american public is angry about offshore tax abuse, efforts by well-off americans to ebay to their u.s. tax obligations by hiding money offshore. at today's hearing follows up on a hearing that the subcommittee held five years ago in 2008 when we presented evidence that well-known international banks located in secrecy jurisdictions were deliberately hoping u.s. clients cheat on their taxes by opening offshore accounts never reported to the irs despite a u.s. law requiri
. \s. >>> the bail is off, major new supply-side pro-growth tax reform plans, that's from ways and means chairman dave kamf. and i don't understand why top republican leaders are trashing it. congressman camp will join us live tonight to talk about his plan. >>> also this even harry reid says all the well-documented stories of obamacare paying enough people are not true. really, mr. leader? he blames the koch brothers. >>> we have another horror story to tell you about. wait until you see the confusing, even threatening obamacare tax language in the new tax forms that no one understands. the down side of marijuana is out there. while everyone focuses on the financial effect of colorado's legal pot industry, tonight cnbc will premiere a new documentary that also looks at the dangers of this gateway drug and the serious challenge now facing colorado's parents. all those stories and much more coming up in "the kudlow report" beginning right now. ♪ good evening, everyone. i'm larry kudlow. this is "the kudlow report." we are live here at 7:00 p.m. eastern, 4:00 p.m. pacific. we h
that are supposed to y for everyone else. there is no mechanism to collect the fee for that. the tax. they have to file a tax return in order for the irs to get their money. a lot of 18-ar-olds aren't getting jobs, the system is in trouble because of this. >> if the uninsured don't want this, if they don't boy into it, who will pay for it? sit us? >> exactly. we will end up footing the bill. the problem. the catastrophe was it is a bill that is an abiz malfailure. i'm trying to look at the bright spots of this. where is the good stuff? but again and again i encounter, quite honestly lies. look, a couple i assembled, annual pmium savings of $2,500 per family. >> that is not going to happen. government accountability office says it will increase the deficit $6.2 trillion. if you like your doctor, you can keep your doctor. let's not go there. insure the uninsured. no. the ceo says the 75 million will still be uninsured. finally, brea. we talked about approval. forget all that. the american public doesn't want it. 92% want to change this or appeal it. we have a law that has absolutely no benefits t
. when we return, a new tax reform plan. ♪ >> welcome back. we are joined by kevin brady of texas. the ranking republican member on house ways and means. dave camp, with your support, there is any chance the house will vote on it this year? >> i don't know the timing on a vote. the timing to lay down the track is long overdue. it is dragging our economy down. it is unfair. someone, sometime had to lay down that first top to bottom rewrite. >> you have done in an admirable way. is there any chance the house will vote on it? >> i think it depends upon how it moves. the members in our conference are very interested in fixing this broken code. we have lots of segments of industry are weighing in a big way. >> doesn't this proposal set the predicate in many ways for any subsequent tax on wealthy banks? that has to be a part of any future package. >> this is important because it takes a big step. you have the conversation with specifics on the tax code. again, it really is how this is received. how groups weigh in. how members feel about it. at the end of the day we want the most pro-gr
the new tax reform plane is good. the ukraine debacle, and margaret carlson debates the political pull of bill clinton. >> we begin the program with the longest serving member of congress -- ever. served with 11 presidents. it is a privilege to have john dingell. thank you for being here. >> god bless you. you still call me john. >> you have revered the institution. what reforms would you make? >> one is the nasty partisanship. it shouldn't be that way. the congress means the coming together. the great assemblage of the american people. all of the business has been moved into the office of the speaker. newt gingrich started that. it gave them control over the then congress. they had the control they wanted to run the place they wanted. >> you would return that? >> you bet i would. >> but with the money in politics, the 24 hour news cycle, do you worry that rather than a temporary cycle, this may be a condition for a long time? >> i am afraid that it is so. i am very much afraid that the congress will never be able to go back. you mentioned the other problems we have. 24-hour news cycle
, and filing next year, a lot of inquiries as well as taxpayers in the area of eligible for premium tax credit and even if they aren't making sure they are comfortable when we started that public information campaign, and to get taxpayers comfortable 70% or 80% don't have anything to do with it at all, i have insurance and will move on the way, a chunk of people will be affected. and how much we spend for i to your personnel on affordable care, what we spending this year and would we expect requirements will be in the next year or two? >> when you next appear before us, there will be a lot of discussion about the dollars that are necessary. >> i wanted to ask about bonuses. in making sure bonuses are given to employees, improved performance or goals they have met, i don't know if you have seen, we put some report language together. have you taken guidance in the language for bonuses to be awarded? to those who actually show improved employee performance and productivity? >> the pool is 1% of compensation on performance judgments made by managers not by employees, obviously comment and history
right back. the tax man and ways and means committee chairman dave camp. congressman mike turner joins us next. ceo and chairman richard smith joins us tonight. mine was earned in korea in 1953. afghanistan, in 209. orbiting the moon in 1971. [ male anuncer ] once it's earned, us auto insurance is often handed down from generation generaton. because it offers a superior evel of protecon. and because usaa'commitment to serve current and former military members andheir families is without equal. begin your legacy. get an auto insurance quote. usaa. we know what it means to see. coach calls her a team player. she's ind of special. she makes the whole team better. he's the kind of player that puts the puck, horsehide, bullet. right where it needs to be. coach calls itogistics. he's a great passer. dependable. a winning team has to have one. somebody you can count on. somebody like my dad. this is my dad. somebody like my mom. my grandfather. i'm very pround of him. them. which will cause me to miss the end of the game. the x1 entertainment operating system lets your watch live tv anywhere
class as well. it would probably work. but it is a huge controversy from the taxes. ... thank you for taking my call. independent because most of us americans have caught onto the big blame game. , andeach blame each other basically they are on the same team. they have different ways to go about it. my main problem is the epa. we are giving him close to $8 million, and it'll do nothing for us. they let the fracking industry go unregulated, they let solar management go unregulated. they are spraying our skies, trying to dim the sun to fight global warming. nobody knows about it. 02 global sky watch and you can find out all aut i i o knowre i i want to know where is the epa protecting us from this, his name is david frum nasa and he wants to spray and he has been spraying our sunlight dependent. >> host: zachary goldfarb, i know you don't cover epa specifically but the president, climate change is part of the agenda this year. >> guest: that's right and the president is putting money into funding and he proposes billions of dollars for climate research and for related endeavors. epa
right back. the tax man and ways and means committee chairm ave camp. congressman mike turnejoins us next. ceo and chairman richard smith oins us lou: on wall street, stocks were modestly higher. the s&p up, the nasdaq was four. crude oil is up 76 cents in gold prices down $15 settling at $13.28. the ten-year down 2.67%, staying within a very stable range. target shares up 7%. retailerand its data brch, costing 61 millionand could extend also. and carl ichan being blamed for dysfunctional leadership in a new letter to shareholders. has he overstepped? some would say perhap yes. we will find out. be sure to listen to my financial reports the three times a day on thee aol radio network for all of the biggest market and business news. chairman dave camp revealing his proposal that the republican leadership is trying to downplay d distance themselves from that pla. congressman mike turner is a member of the house oversight and armed rvices committee. as indiscreet have youith us. when we start with tax reforms. >> he has worked very diligently to put this together. we need to make sure t
an expansion in the earned income tax credit. the proposal that you heard discussed that was -- we put out some details yesterday on would be the first major expansion of the earned income tax credit for people without dependent children since 1993. it would address so many policy issues that people have raised from house to encourage younger people to encourage work, help people with disabilities get back into the work force, and ensure that more people with the combination of the earned income tax credit, minimum wage don't work full-time and live in poverty or raise any family members in poverty. the president -- this is an important progression. 20 years ago there were 1.4 million americans being pulled out of poverty because of the earned income tax credit or similar refundable tax credits. today it is 10 million. that is one of the major progressive agreements in which the president has furthered both in his 2009 budget and then extending those refundable tax credits in both 2010 and 2012 up for the next five years, and he calls for them to be permanent in his budget. what this would do i
to hear before turning in your taxes. and.... the company that orchestrated the most famous re-tweet ever... first business starts now! you're watching first business: financial news, analysis, and today's investment ideas. good morning! it's wednesday, march 5th i'm angela miles. in today's first look: the s&p rises to a new record high as the standoff between russia and the ukraine becomes "less tense". it's the 49th record set by the index. the dow- also had a positive reaction jumping 228 points, the nasdaq 75 and the s&p 28 gold scaled back $15 dollars and oil.. $1.63. caterpillar's ceo says he is guardedly optimistic about the global economy...which added into the buying blitz on wall street. and the power of the plug. yesterday we told you about the fuel cell stock plug power that surged 24% monday well on tuesdays it rallied 15% more.. trader daniel stecich of athena advisor services joins us now. there was a collective sigh of relief in the market yesterday but will that continue? >>i think it will. you have to put what happened in russia behind us and if you look at what happe
everyone. thank you all for coming marx coming up, remarks by governor jan brewer. a tax reform proposal. -- the president is in minneapolis to discuss transportation and infrastructure funding. >> on the next washington journal, congressman phil roe on the gop alternative to the alternative -- obamacare. and later, nbc news correspondent harry smith talks about his documentary looking at marijuana in colorado. washington journal is live every morning at 7:00 eastern. you can share your thoughts on facebook and twitter. >> federal reserve chairman janet yellen testifies before the senate taking committee thursday. the first time since being confirmed to lead the central bank. you can watch it live at 10:00 a.m. eastern on c-span three. you can also join the conversation on facebook and twitter. >> blown out and broke. year in, year out. they fought the worst drought in history. they stopped, choked to death on arrenaron lined. -- b land. many were ahead of them, but then he stayed. hopes, andinery, credit were gone. resettlement.s. administration documentary "the ins."that the plao sunda
-- it would allow americans to remain uninsured through tax season. without a fine. the fine skill up in subsequent years in order to encourage people to join the health insurance pool. republicans are arguing that the obama administration has given breaks to businesses that would have been required to provide health insurance to their employees. republican said that is unfair that individuals will be fined when employers will not be fined. >> the white house plans to announce further delayed some other parts of the wall. what are you hearing? >> what we expect this week is for the white house to actually allow insured companies to continue to offer plans that do not meet obamacare's minimum coverage requirements for the next couple of years. it will be a major delay for the white house, when they announced this. what it will do is allow insurance companies to continue selling policies that otherwise would have been disqualified under obama's rules for minimum health-care coverage. a policy that does not have maternity care or pediatric care or mental health services included could co
too much, borrows too much, and taxes too much. it reflects says america's priorities to create jobs, strengthen the middle class, and build an economy that creates opportunity for all. went to theell floor yesterday and talked about the president's budget proposal. he said it is not a serious document. [video clip] >> it will probably never past the democratic led senate. in some sense, that is the point. rather than put together a constructive blueprint both parties could use to get the economy moving, the president is opting for the political stunt for a budget that is more about andng up the base in election-year. it would increase taxes by over $1 trillion in the worst economic slowdown anyone can remember. it would explode spending by $790 billion, forcing us to borrow more money. it would do almost nothing to threatsthe serious facing our children's futures and does not come close to balancing this year. mitch mcconnell talking about the 2015 budget proposal. congress will take up budget proposals and will decide what gets spent. "the washington post" tweeted this -- it would
? >>> plus, a serious proposal to overhaul the tax code for the first time in twiyears. but is there any hope for congressional action this year. >>> and the pentagon proposes to slash the army to its smallest size in the last 75 years. how risky are the cuts for american security. >>> welcome to "the journal editorial report." new questions this week about the investigation into the irs targeting of conservative groups. with the house subcommittee holding hearings, you know just how seriously the department of justice is taking this probe. they're doing this as liberal groups like the aclu and sierra club join conservative clubs voicing opposition into a new irs rule into further restricting political speech. for more on both of these developments i'm joined by "wall street journal" column dannetinger. kim strofle and colin levy. kim, let's start with you there in sin city, washington. you're covering the hearings this week. what have we learned about the state of justice to probe just as it is? >> well, they had a number of legal experts appear before the house oversight committee. it was a
chairman steve forbes and roy hewitt will go on the tax reform plan. >>> and mayor bill de blasio acting like a sandanista. shutting the door on three charter schools and hundreds of kids in new york city. american parents see charter schools as the only way out of poverty for their kids and mostly minority kids at that. we will have the latest on that. meanwhile don't forget free market capitalism is the best path to prosperity. economic freedom and democracy may be at stake in the ukraine. that's why it's important. i'm kudlow and we'll be right back. vo: once upon a time there was a boy who traveled to a faraway place where villages floated on water and castles were houses dragons lurked, giants stood tall, and the good queen showed the boy it could all be real. avo: whatever you can imagine, all in one place. expedia, find yours. anbe a name and not a number?tor scottrade. ron: i'm never alone with scottrade. i can always call or stop by my local office. they're nearby and ready to help. so when i have questions, i can talk to someone who knows exactly how i trade. because i don't tr
for over 50 years. last may we learned that the i.r.s. targeted conservative groups seeking tax exempt status. for over ninth months committee investigators have reviewed hundreds of thousands of internal i.r.s. documents and interviewed i.r.s. officials regarding the targeting. our investigation is not yet over and the ways and means committee continues to wait for the i.r.s. to turn over lowest learners emails. despite the ongoing investigations both in congress and by the inspector general, last november treasury rushed forward with proposed new regulations to stifle 501-c-4 groups upending rules that have been in place for over half a century. the speaker pro tempore: the gentleman have is recognized. -- the gentleman is correct. the house will come to order. please take all conversations off the floor, please clear the . sles the gentleman from michigan is recognized. mr. camp: under the proposed rule social welfare organizations will face additional unprecedented scrutiny for engaging in the bows basic unpartisan political activity. such as organizing nonpartisan get out the vote
back. stay with us. thinking up game-changing ideas, ke this: dozens of tax free zones across new york state. move here. expand here. start a new business here... and pay no taxes for 10 years. with new jobs, new opportunities and a new tax fr plan. there's on one way for yo business to go. . lou: all day, fox business has been focused on the business of boomer retirement. a survey shows it is out of reach for far too many americans, 58% of workers, age 60 and older have to put off their retirement. mostly because of financial reasons, good news that down from a pike of 66 percent in 2020. new fed chair yellen testifying before senate banking committee told them central bank would probably continue to taper while trying to figure out how much research weakness in the economy is because of the see winter weather, market, responding %-posting a new record high,&p. joining us now. chief economist from moody's capital, john lonski, janet yellen seems to have slid into her well rarefied chair, is doing brilliantly it seems. >> i think she is doing very well. market likes her, up 1% for year
money," it is tax time. are you paying too much or more so the rich can get the breaks? >> christine romans and "your money" starts right now. >> swiss bankers under fire for helping clients evade the irs. i'm christine romans. this is "your money." maybe the 1% really are under attack. this week, top executives from credit suisse hauled before a senate committee. they blamed rogue bankers for helping hide $12 billion from uncle sam. some bank employees are pushing back saying tax evasion was a business strategy. not helping credit suisse, but the top brass will not reveal the rich, secret american clients. >> the banking secrecy probation prohibits us from furnishing any client names. >> any real idea that the government of switzerland is cooperating with us is a joke, right? if we get 22 names. >> it is not just credit suisse, but 13 other banks for helping clients evade taxes. what about evading taxes the old fashion way through legal loopholes. house ways and means committee chairman revealed his reform plan. it would lower tax rates for everyone, but impose a surch
complete conservative not just conservative on some issues and tax cuts and so forth but on social and economic issues. so as ashley said in this book i laid out 11 principles of the conservatism and i don't know how i came up with the love and other than i laid out the principles and stopped and counted and there were 11. some people said you should do ten and make it the ten commandments. i would have to combine them but there's lots time, there's 11. there is 12, make it a dozen. even within is an odd number. i got 11 and i don't want to combine any of them. so here they are in the there will be a quiz at the end of this. make sure you take notes. you have a cheat sheet in the book and on c-span you can rewind it. but i will rattle them off. freedom, faith, family, sanctity of human life, american exceptionalism, the founders, wisdom and vision, lower taxes, limited government, peace through strength of anti-communism and a belief in the individual. those are the 11. i won't have time to go through all the living of thes love andt i'm going to try to go through a few and check t
for business and capitalism. we'll have a live update in just a few minutes. >>> also supply side tax reform is back. dave camp is going to unveil his new plan tomorrow morning. we'll join us on the "kudlow report" in the evening. we will preview the story tonight. >>> we have the fcc commissioner who blew the whistle on the government's attempt to dictate and bias news stories. now we learn that this government assault may not be over. all those stories and much more coming up on the "kudlow report" beginning right now. >> good evening, everyone. i'm larry kudlow. this is the "kudlow report." we're live at 7:00 p.m. eastern and 4:00 p.m. on the west coast. our top story tonight, will arizona governor jan brewer veto a gay discrimination bill passed by the state legislature. nbc news joins us with the details. good evening. >> reporter: of course the poe opponents call it a religious freedom bill. in any event, governor brewer who is on the spot on this has just returned to arizona after attending a three-day governor's conference in washington. she'll know that the momentum toward a veto ha
up game-changg ideas, like this: dozens of tax free zones across new york state. move here. expand here. or start a new business here... and pay no taxes for 10 years. wi new jobs, new opportunities and a new tax free plan. there's only one way for your business to go. up. find out if your business can qualify at start-upny.com we are thinkers. the job jugglers. the up all-nht and the ones who turn ideas into action. we've made our passions our life's wk. we strive for the moments where we can s, "i did it!" ♪ we are entrepreneurs whstarted it all... with a signature. legalzoom has helped start over 1 million businesses, turning dreamers into business owners. and we're re toelp start yours. lou: a record day on wall street, dow up 74,&p up 9, closing at all-time record high, nazdaq up 2 and cde oil lost 19 cents on the day. gold up $4,. >> yield on 10 year, falling further, down to .64%. -- 2.64%, steers sears stock up more than 6% today. retailer posted tter than expected earnings a nice rprise, and freddie mac will repay the treasury more than $10 billion with total payments no
with our u.s. tax laws and when we talk about u.s. customers, 18,900 of those accounts that closed in today there are about 3500 that have been determined are in compliance. are those numbers correct? >> those numbers are correct as of today but i would like to add that in total we have reviewed tax compliance some 6678 of which about half, 3000 have been closed and 3000 the number you have just mentioned are still with us. >> so what is the total number of accounts that we no longer have of the 22,000? >> the 18,000 number you mentioned. and if i may add mr. chairman, we had a large population of u.s. resident clients. i would say 11,000 i believe that had account balances below 1 million dollars under asset management and they were not even given the option to stay because to move to one of our fully u.s. license broker dealers you needed $1 million is the minimum balance. 18,000 of these did not have the opportunity to prove tax compliance. >> mr. cerutti your u.s. policy required that swiss accounts open for u.s. residents be concentrated in a single swiss office we talked about the sla
for 501(c) four nonprofit groups applying for tax exempt status and testimony before a house subcommittee on wednesday. this is two hours. >> the hearing will come to order. hearing of thest year for our subcommittee. welcome to all the subcommittee members. glad to have you back. a warm welcome to our subcommittee's newest member. he is not here yet. he will be down at the end. we look forward to having him work with us. today the subcommittee will hear from two panels. we will hear about the activities and operations of the internal revenue service. commissioner. irs welcome to you, sir. we appreciate your return to the service and thank for taking -- thank you for taking on this task. george have russell and nina olsen. we appreciate the careful and constant oversight of the irs. we have not heard in some time from ms. olsen, so we are especially eager to hear from her. as a matter of house keeping, i will be following the five minute rules for that members. i do not plan on cutting anyone off in the middle of their sentence, but if everyone could keep their questions and comments for
a first league should i have to against poor region taxes if i have to collect. what happens to the millions of retirees who right now might be holding puerto ricans ons. did that kind of been be granted by the border region government? >> a big question and the great question. you mentioned earlier quarter rico is widely held investment investor client portfolios. i think it is. we get asked an awful lot of questions about puerto rico which means it is still widely held and does have implications for the existing bonds. that is one element of what many of these investors are looking for. they want to be adjudicated in new york but what does that mean? of the restricted these bonds pdjudicated in new york versus all the other $70 billion of debt that get adjudicated in puerto rico soil, one court says one thing, another court says another, who wins? the federal government has to what does that mean for existing bondholders? a lot of complexity and questions still remain until we really see the details of this particular deal. adam: what is frustrating for investors is the spe
a huge change to tax cuts. what are they planning? >> this would collapse seven brackets into two brackets for essentially all taxable income, ensuring 99% of taxpayers face maximum rates of 25% or less. specifically, this is how he will do it. theof americans would be in 25% tax bracket. those who are above that would be hit with an additional rates. this would make filing a lot more >>, because instead of seven tax brackets we would be down to two, or i guess at least three. you would have that additional 10% tax for those making over 100 $50,000. moreover, it would end the unequal treatment for the carried interest private equity managers pay themselves. does this plan have legs? we are joined by the american action forum director of fiscal -- gordon, i will start with you. is there a chance we could see something like this get through congress? be great. that would there is a lot of debate out there about how big an effect tax reform could have on it, but i think there is a broad consensus that in general it is universally positive. if you ask anybody out there, should we do s
can. house committee that looked at proposed rules for nonprofit groups seeking tax-exempt status. >> the hearing will come to order. this is the first hearing of the year for our subcommittee. welcome to all the subcommittee members. glad to have you back. a warm welcome to our subcommittee's newest member. he is not here yet. he will be down at the end. we look forward to having him work with us. today the subcommittee will hear from two panels. we will hear about the activities and operations of the internal revenue service. our witness is irs commissioner. welcome to you, sir. we appreciate your return to the service and thank you for taking on this task. we also have russell george and nina olsen. we appreciate the careful and constant oversight of the irs. we have not heard in some time from ms. olsen, so we are especially eager to hear from her. as a matter of house keeping, i will be following the five minute rules for that members. i do not plan on cutting anyone off in the middle of their sentence, but if everyone could keep their questions and comments for when we get t
for spending including new initiatives for early childhood education, job training programs, expanding tax credits, and tax cuts as well. also, new funding for infrastructure. thethese ideas says -- president says is important for getting the economy to move in the right direction. >> it is a roadmap for creating jobs with good wages. at a time where deficit has been cut in half, it allows us to meet our obligations to future generations without leaving them a mountain of debt. >> republicans including john boehner called his budget the most irresponsible yet. they believe this is a campaign move that includes a whole host of issues that democrats like to campaign on on this midterm election year. this budget and the eyes of republicans and some democrats -- they are going to make some big changes. with the president has put the paper will change pretty quickly. >> thank you very much, peter cook. let's move on to media. the big story today was the entertainment network epix is joining the time warner cable family. it will be launched nationally on march 18. joining us to talk about this d
construction jobs. the federal gas tax has been capped around 17 cents a gallon. drivers from the northeast to the midwest don't need a reminder how bad our roads can be. the drivers $6.5 billion. jonathan, how about those potholes, do you have a view on that? >> i like to avoid them. >> i'm anti-potholes, too. >> that's all the time we have. it was nice having you on. >> thank you, ari, i appreciate it. >> $300 billion over four years. put aside the skepticism about getting anything done in washington. walk us through you there at the white house what you know about this and the plan. >> well, i think what you've got is the president again trying to get congress, trying to get the government to invest in infrastructu infrastructure. this is something he's been trying to do for several years. not just invest in it, invest in it ahead of time so as anthony fox, the transportation secretary said earlier today, you don't continue to put band aids on for the nation's highways and other infrastructure. that's what we've been doing to borrow a term for the show. there's been a cycle
at the president's budget, you see an earned income tax credit. that is being offered by the president as something that should be expanded. if you look at the poverty report monday, he praises the earned income tax credit. republicans have different views. use all marco rubio in the senate talk about killing the program. marco rubio in the senate talking about killing the program. the earned income tax credit, which the president wants to expand, was really a republican proposal a few decades ago. republicans like having people work and having people reported for work. this could be an area where there are twin carried -- tinkering. expand the like to tax reduction for families who have children. republicans have been focusing on this for the past year. mike lee, one of the most conservative members has been talking about using the tax credit as the core of what republicans have. see at least two areas there could be talks. credits, we are seeing political messaging more than anything else. host: what are the expectations for how the budget process is going to work on capitol hill? will the senate
: but will a plan that involves more government spending and taxing really get anything done? >>> also will criminals feast on atms come aprilth? find out why your identity may not be safe next time you make a cash withdrawal. we're watching out for you on "the willis report." gerri: our top story, new momentum to put a kill switch on all cell phones. it's a way to permanently that is disable them so they are useless to thieves. congress now taking up the issue. smartphone theft counts for a third of all robberies in the u.s. according to the fcc take a look at these surveillance tapes. phones snatched, people assaulted, beaten for their phones. some victims, even killed, with me now, paul whose daughter meagan was shot and killed for the iphone. with us meagan's sister. they are behind this new effort to make sure no family goes through what they went through. welcome to you both. great to have you here. you're on set with me. i want you to tell me what happened to your sister. >> well, my sister was walking to her car and at the time she was in st. louis. my family lives in chicago.
, everything about boxing changed. >> thank you, neil. >> then came thatarn pay-per-view, destroyed it? 7 tax bracket? how would you like 2? e plan to maker tax code - super simple is already doa, it neil: do not expt the president to sign if bu i has not stopped a growing numberf republicans from pushing it two tax rates, not 7, but two. 10% and 25%. odds of that ever happening,'m putting them at '0%, but grover fore queser more quest said this is about republicans making a staple, grover, what do you make of this, others have been talking in press, and opinion pieces,ike now is the time. i hear that. when the great ideas are mentioned, then nothing happens. >> we shoul have done this a long time ago, now is not the time because it was the wrong thing to do last week or last yeaa. we ave allowed our marginal tax rates on independent side to creep up -- individual side to creep up ove 40%, corporate side 35% at feder level, 4.8%, at state level. 5%. so our cor corporate rate is 40% gen state corporate income taxes. neil: i think you are being conservative on that. i think wt people realize wi
-murray, it is paid for with spending cut and tax reforms. it is deficit neutral. supporting what the president said in the state of the union, there is a series of programs to create jobs. it lays out $302 billion infrastructure proposal that is paid for with pro-growth tax. it strengthens the manufacture base and supports groundbreaking research to fight disease, protect the environment and develop new technology. it enhances the administration's management efforts to deliver a government that is more efficient and supportive of economic growth. and it will expand opportunity for all-americans. it doubles the maximum value of the earned income tax credit to encourage people to enter the workforce. and makes high quality preschool available to every four year old. and drive workforce training. it will focus on the primary drivers of long term debt and deficits. it builds on the forms of the affordable care act and continues to slow health care cost growth while improving the quality. it will curb tax breaks that benefit the wealthiest. it calls for pro-growth immigration reform. the deficit has bee
the president, have a vote in congress or pay federal income tax. but the island debates to the island's peculiar status. these issues take a backseat to the problem of puerto rico is in trouble. >> graphic design professional for more than 26 years on the island. owned my own apartment, family close by, clients and so forth. >> today she owns a hardwood flooring company with her husband. she said a drying up economy left them no choice but to leave. >> we could see criminality was rising, and we could see that the buildings, mr. there were run down and a lot of businesses for sale. >> sÁnchez is one of the thousands who have left puerto rico for work. >> in a lot of businesses, in the main avenues, a lot of homes for sale. these are in nice neighborhoods, and they would stay for sale for a long time. then you see the grass growing and the trees and all of a sudden this property has been abandoned. this is it. either i move or i'm going to be losing what i have here. >> and in each "for sale" sign sÁnchez saw cropping on her street a deeper economic problem boiling. junk status. that
honesty. because half of this $300 billion he is proposing is coming from reforming the corporate tax code. if you want to fill the highway trust fund, you have to raise taxes on gasoline period. and he won't talk about it. democrats won't talk about it. nobody will. those are the only truly honest way to pay for fixing the road. >> i think she kind of buried the story there. she is talking about the money getting it from revamping corporate tax reform. but that, inherent in that argument is that you can get revenue cutting taxes. so i think what he is saying here, i'm already prespending that. but i wish he would sort of acknowledge that budget-wide, just cut tacks. >> not only that, he should explain $300 billion, we are talking billion. i thought i saw million for a second. become, even that's not enough. do you realize that? you can spend $800 billion, and that's not going to jump start the economy in a meaningful way when the government starts to direct the projects. the best way is give businesses assurance they won't be tax deduct and they won't get crushed on regulation. $800 billi
a compromise that included spending cuts in exchange for tax revenue. unfortunately, his compromise and the other compromise discussed did not make it through. the committee, in a sense, failed to come to conclusion to propose to the senate and the house a compromise that could be lived. .. >> i want to welcome the senator from pennsylvania senator to me. >> toomey. >> excuse my voice it sounds worse than it is. think you for having me today and for his kind introduction and from universal health services it was allen's idea that i'd be invited to speak with you this morning and i appreciate that but i was a little surprised to be honest because allen knows about my notorious weaknesses with the public speaker and invited me any way. i say notorious for meet -- for be the department of public speaking made clear by only a smile -- of small child. i have three little kids into are not so little but my eldest is a little girl when she was in the second to parade the school had a program where you are invited to come into the class to explain what you do for a living. i stood up in fro
donald's. it will be expanding the earned tax credit. it is the government's largest program targeted as low income americans. >> the earned income tax credit was first introduced by president ford and has been expanded by democrats and republicans alike because it provides an incentive to work. president reagan called it the country's best anti-poverty and jobs creation bill ever to come out of the u.s. congress, and it was a key part of president clinton's welfare to work program. the basic way the earned a tax credit worked is this an eligible worker will earn a tax credit for every dollar he or she makes. a formula determines how much a worker ultimately receives under the program's caps. that amount the worker receives is then applied to taxes. for example, if someone owed $700 in taxes and has a credit of $900 they would get a refund of $200. working families with children currently stand to benefit the most. they qualify for a credit if they earn under 38,000 to $51,000. generally a salary increase the credit lowers. a married couple with two children making $45,000 would be eligible for a credit of
from american tax collectors. it's the stuff of countless spy novels but senators say it it's all too real. $12 billion hidden away in suisse bank accounts, none of it taxed. top creditors of credit suisse accused of helping u.s. customers evade taxes in hidden accounts and overseas shell companies. brady doingen was contrite. >> credit suisse management team regrets deeply despite the industry leading measures we put in place we had suisse bank private bankers who appear to have violated u.s. law. >> doingen blamed a small group, and whoever is to blame, their methods were cloak and dagger. bank statements were slipped into a copy of "sports illustrated" and handed to a client. and in in an airport where clients never had to leave airport ground. after each transaction account statements were immediately shredded. it was all done without filing any u.s. tax. >> the jigs is up. >> senators want client names, but creditors say they're squeezed between u.s. and suisse law. >> you think you're going to be convicted in a suisse court. is the suisse government going to prosecute you if you
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